Letter: Bill would reduce taxes for families, businesses
I joined a bipartisan majority in the Minnesota House in approving a bill that would reduce taxes on Minnesota's families and businesses by more than $1.35 billion over the next two years.
I joined a bipartisan majority in the Minnesota House in approving a bill that would reduce taxes on Minnesota’s families and businesses by more than $1.35 billion over the next two years.
There are many good things in this bill and I was glad to support it. There are certainly other things I’d like to see in there for Greater Minnesota, but this is a good starting point and from here we’ll be able to move forward in a very constructive way.
Well over half of the proposal is targeted to middle class Minnesotans. Highlights of the bill include:
- $269 million in relief for Minnesota’s senior citizens by increasing the income limit at which social security income is taxable
- More than $125 million to address college affordability through a first-in-the-nation tax credit for student loan payments, along with subtractions and credits for families saving for college using 529 Savings Plans
- $42 million in relief for farmers by reducing the burden farmers and agriculture land owners pay for school bond referendums
- $35 million for families with young children by modifying the child & dependent care credit
- $203 million in relief for Main Street businesses by exempting the first $200,000 in property value from the extra tax on businesses and freezing its automatic inflator
With yet another state budget surplus, it was important that we address middle-class tax relief this session, and I’m pleased we were able to target Minnesotans in nearly every age bracket with this proposal.